Florida's Capital First to Implement Workforce Housing Program; City of Tallahassee and Developer, K2 Urbancorp, Hope This Program Will Serve as a Model for Future Workforce Housing in Florida.

TALLAHASSEE, Fla. -- Tallahassee Mayor John R. Marks III today presented K2 Urbancorp business partners David Wamsley and Fincher Smith with the first Certificate of Inclusionary Housing issued by the City since its Inclusionary Housing Ordinance was adopted in April 2005. It is the first workforce housing policy in Florida.

The certificate recognizes K2 Urbancorp for meeting the City's requirements for 10 percent of the houses in developments of 50 or more units to be workforce housing with a maximum price of $159,378, adjusted annually based on market rates. Housing is available for purchase by individuals or families with an annual household income of up to $56,500, based on the number of individuals in the family.

"Today marks an important step in making workforce housing a reality in Tallahassee," said Marks. "There is clearly a need for affordable housing for people with moderate incomes, such as teachers, nurses, firefighters and other important contributors to our community. We hope other developers will follow K2 Urbancorp's lead to enable our hardworking citizens an opportunity to live in the communities where they work."

The ceremony took place on the construction site of K2 Urbancorp's Evening Rose Development located on Capital Circle Northeast between Mahan Drive and Miccosukee Road. Phase I of this 36-acre project will include 99 residential units, including 10 that will be set aside as inclusionary housing. Evening Rose is being developed as a "Traditional Neighborhood Development" and will include a mix of commercial and residential space, along with a diversity of housing types ranging from townhomes and small cottages to large estate homes. The inclusionary housing units are currently scheduled for construction in 2007 and 2008.

"We are excited to be working with the City of Tallahassee on the challenging issue of workforce housing," said K2 Urbancorp CEO David Wamsley. "We hope our partnership can help serve as a guide for future developments, both locally and across the state, to meet the growing need for workforce housing solutions."

Inclusionary Housing Ordinance 04-0-90AA requires developers of 50 or more housing units to produce a percentage of "affordable" units in census tracts where family income is above the countywide median and within very large vacant properties.

The ordinance provides incentives for developers to encourage construction of inclusionary housing units.

Developers may increase density by 25 percent or more in certain instances, enabling them to build and sell more homes. Additionally, developers may choose what type of housing is appropriate for the inclusionary and bonus units, regardless of current zoning. Multi-family, single-family and other options are available based on the developer's needs.

Internal development standards such as setbacks, buffering and minimum lot sizes have been waived to promote maximum design flexibility. Permitting for inclusionary homes will be expedited, and the units and the bonus units can be exempted from the rules regarding the traffic improvements developers are required to make, saving time and significant costs.

For developers who do not wish to take advantage of incentives, the ordinance offers an option to pay a fee as an alternative to providing required inclusionary housing within the primary development.

For more information on the City's Inclusionary Housing Ordinance and eligibility requirements for citizens interested in purchasing inclusionary housing units, visit http://www.talgov.com or contact the Department of Neighborhood and Community Services at 850-891-6540.

K2 Urbancorp, founded in 2002 by David B. Wamsley, Fincher W. Smith and Timothy A. Jamieson is an award-winning home builder and real estate developer. Known widely for styles that hark back to the early 1900's, K2 Urbancorp is focused on building unique and enduring products that reveal timeless craftsmanship and quality.